News is multiplying on Evergrande, the Chinese giant on the verge of default which today should pay the coupon of two bonds. One in yuan and on this the real estate group has promised to honor the debt, the other, international, in dollars, with respect to which Evergrande continues not to express itself. Two creditors interviewed by Bloomberg at the close of the Chinese stock exchange day explained that they had not been paid. Now the group has 30 days to detach the coupon before the rating agencies establish the default.
Meanwhile, authorities in Beijing are asking local governments to prepare for the possible bankruptcy of the elephant, weighed down by 305 billion dollars in debt, according to the US news agency Dow Jones. Officials are warning to “prepare for the possible storm,” explaining that local government agencies and state-owned enterprises have been instructed to intervene only at the last minute in case Evergrande fails to handle events in an orderly fashion.
In addition, a number of listed banks in China have rushed to reassure investors worried about the risks stemming from the worsening Evergrande crisis. At least ten banks, according to Bloomberg, have told investors in the past two days that they have sufficient collateral to cover the loans made to the developer and that the risks are controllable.
Among the latest news, also that according to which Beijing has asked the real estate giant to avoid a short-term default on dollar bonds, writes Bloomberg Law. In a recent meeting with Evergrande executives, regulators said the company should communicate “proactively with bondholders to avoid bankruptcy,” but no more specific guidance was given. Also because it is not certain that the group still has cash in hand.
A possible solution to the Evergrande problem is reported by Jeffrey Halley, senior analyst for Asia Pacific at Oanda. Halley cites Asia Markets, according to which “the Chinese government is preparing to take control of Evergrande and divide the group into three separate companies to be inserted into the bottomless jaws of state-owned enterprises.” Nothing is yet known about the future of creditors and whether a distinction will be made between Chinese ones and the rest of the world.
Meanwhile, today Fabio Cannavaro has left the Chinese Super League giant, Guangzhou FC, according to what Xinhua wrote. The team is part of the Evergrande group. The former Italy captain, who had planned to return to Guangzhou on Thursday, canceled the trip after agreeing to terminate the contract by mutual agreement with the club. This was reported by the Chinese news site
Guangzhou FC, eight-time national champions, have so far made no comment. Chinese team captain Zheng Zhi will work as an interim manager to help the Serie A champions finish the season as planned, even as parent company Evergrande Group is in dire financial straits.
Similarly, the Zhang family, head of Suning Sports Group International Uk Limited (through Suning Holdings Group controls Inter Milan), which has invested 2.6 billion euros in Evergrande, and is about to close the London office, opened three years ago, according to what Tuttosport writes. (All rights reserved)

Previous articleExodus, E-Surv and the Services. Here are news and questions about spyware
Next articleAcid reflux: diet and foods to solve or alleviate this problem